SkyHouse Charlotte, Publix and 10Tryon Tower in 4th Ward

[ah59396]

It is held in trust at BofA, so I would be surprised if that just wasn't a bureaucratic mistake rather than a true falling into foreclosure.  But perhaps if they are going to sell, the trust is being cheap and letting squirrely things like this happen, knowing it won't affect them in the long run.  OR maybe they're just letting the taxes get paid as part of the sales transaction rather than in a standard payment.

 

I am just praying to the FSM that this thing gets torn down and becomes part of a larger Grubb project.

 

Ramen.

[DMann]

Ramen.

 

It is held in trust at BofA, so I would be surprised if that just wasn't a bureaucratic mistake rather than a true falling into foreclosure.  But perhaps if they are going to sell, the trust is being cheap and letting squirrely things like this happen, knowing it won't affect them in the long run.  OR maybe they're just letting the taxes get paid as part of the sales transaction rather than in a standard payment.

 

I am just praying to the FSM that this thing gets torn down and becomes part of a larger Grubb project.

This is more plausible.  Bureaucratic mistakes like that do not happen.  It is the start of the eventual change.

[rjp212]

Came across these marketing brochures tonight.  Obviously just place holders with brokers hoping to find a buyer, but it's still nice to imagine the possibilities.

 

N Tryon and 11th -- 40 Story office building, ground floor retail and underground parking.

http://www.siteindexcharlotte.com/photos/CIE/charlotte//Property/23792_90315.pdf

 

10th and Seigle -- Mixed use development of Retail, office and Residential

http://www.siteindexcharlotte.com/photos/CIE/charlotte//Property/29776_79373.pdf

[Missmylab4]

Anybody have an update on Skyhouse? I'm so interested because after Element, I always thought this would be the next tower to break ground.

This coupled with Levine's park will really help out the north side of downtown.

[atlrvr]

Anybody have an update on Skyhouse? I'm so interested because after Element, I always thought this would be the next tower to break ground.

This coupled with Levine's park will really help out the north side of downtown.

 

Meck Co Land Use did a site inspection and released some "hold" on the permit.  Also, it was "re-addressed" in the permitting system...all of this within the last 2 weeks, so things are happening in permitting, but still no official permit issued.

[CLTProductions]

Meck Co Land Use did a site inspection and released some "hold" on the permit.  Also, it was "re-addressed" in the permitting system...all of this within the last 2 weeks, so things are happening in permitting, but still no official permit issued.

I am not too familiar with processes. After a permit is issued, approximately how long until: announcements, site prepping, etc etc? I am assuming a while (becuase Charlotte).

[tozmervo]

As someone presently trying to get a large job permitted, it seems like the permit office is extremely backed up right now.

I am not too familiar with processes. After a permit is issued, approximately how long until: announcements, site prepping, etc etc? I am assuming a while (becuase Charlotte).

 

The issuance of a permit doesn't really have much bearing on announcements - an owner can announce whenever they want. All the permit does is allow a contractor to start pushing dirt around (legally)

[Guest]

As someone presently trying to get a large job permitted, it seems like the permit office is extremely backed up right now.

 

The issuance of a permit doesn't really have much bearing on announcements - an owner can announce whenever they want. All the permit does is allow a contractor to start pushing dirt around (legally)

Since the plans are approved, and the land owner is probably anxious to stop bleeding money and start building, I suspect dirt will start moving within a week of permitting approval.

[CLTProductions]

Since the plans are approved, and the land owner is probably anxious to stop bleeding money and start building, I suspect dirt will start moving within a week of permitting approval.

 really??? woah, well then someone needs to sneak into the permit office and get this thing issued.

 

Was it ever settled on what is going to happen with the TERRIBLE days inn???

Edited January 28, 2014 by Jayvee

[Guest]

 really??? woah, well then someone needs to sneak into the permit office and get this thing issued.

 

Was it ever settled on what is going to happen with the TERRIBLE days inn???

I can't promise it, but since they had tried to start construction early on, before permitting approval, and they have MILLIONS tied up in this project, They need to get the ball rolling!!!!!

[CLTProductions]

I can't promise it, but since they had tried to start construction early on, before permitting approval, and they have MILLIONS tied up in this project, They need to get the ball rolling!!!!!

That would be so amazing. I would like that days inn to no longer exist. This would be the spur uptown north needs!

[nowensone]

we'd still need to be cryogenically frozen for 5 to 10 years...

[Guest]

Anyone have an update on this? Getting Anxious. Want to see some Cranes!

[cltbwimob]

Anyone have an update on this? Getting Anxious. Want to see some Cranes!

When I saw that you had posted here, I thought we were going to get an "official" unofficial update.  If things have gone so silent that even you do not know the inside scoop, I really begin to fear this project may be stalled.

[Guest]

When I saw that you had posted here, I thought we were going to get an "official" unofficial update. If things have gone so silent that even you do not know the inside scoop, I really begin to fear this project may be stalled.

I've asked around, nobody knows anything, it's bizarre. Was hoping ATLRVR had info, he was the last person that could shed a sliver of light.

[dcharlotte]

I've asked around, nobody knows anything, it's bizarre. Was hoping ATLRVR had info, he was the last person that could shed a sliver of light.

 

Given the current construction activity in apartments, the market really isn't there to get in the ground on a large project like this right now.  3,500 units under construction, another 3,500 that could get off the ground at any moment, with the majority being midrise apartments, that's a huge risk.  Being a concrete highrise with a larger structured parking deck means they will have to charge higher rents, which will not be supported with the current supply wave in the market.

 

That said, they may still push forward once they can see how the current pipeline absorbs.  Charlotte has remained strong in the apartment market as of late with a ton of young folks coming to Charlotte for the jobs and the urban culture.  Live and work in Uptown or live in Cary and work in RTP?

[Guest]

Given the current construction activity in apartments, the market really isn't there to get in the ground on a large project like this right now.  3,500 units under construction, another 3,500 that could get off the ground at any moment, with the majority being midrise apartments, that's a huge risk.  Being a concrete highrise with a larger structured parking deck means they will have to charge higher rents, which will not be supported with the current supply wave in the market.

 

That said, they may still push forward once they can see how the current pipeline absorbs.  Charlotte has remained strong in the apartment market as of late with a ton of young folks coming to Charlotte for the jobs and the urban culture.  Live and work in Uptown or live in Cary and work in RTP?

But why Get Construction Permitting approval in May and never get going? I know the permitting department did a site inspection and put the permit on hold. But Why not push it through. This was Shovel Ready in May, nothing happened, and then in around Christmas WCNC said Grubb told them construction was imminent. 

Edited February 12, 2014 by Guest

[dcharlotte]

But why Get Construction Permitting approval in May and never get going? I know the permitting department did a site inspection and put the permit on hold. But Why not push it through. This was Shovel Ready in May, nothing happened, and then in around Christmas WCNC said Grubb told them construction was imminent. 

 

The cost of permits and a few press releases through your PR firm is much lower than costs of maintaining an empty building.  Ask the developer of The Vue. 

[CLTProductions]

The cost of permits and a few press releases through your PR firm is much lower than costs of maintaining an empty building.  Ask the developer of The Vue. 

I always wondered why every apartment complex in uptown is 90% occupied (or more, some are 98%) yet the Vue is nowhere close. Do they over price themselves, or is it a sign that the apartment market is over saturated? There are 7 apartment complexes I can think of uptown; Ten05, Briggs, Post Gateway & Uptown, Camden Cotton Mills, Catalyst, Vue. With Gateway West and Element coming online soon, is there the need?

[dcharlotte]

I always wondered why every apartment complex in uptown is 90% occupied (or more, some are 98%) yet the Vue is nowhere close. Do they over price themselves, or is it a sign that the apartment market is over saturated? There are 7 apartment complexes I can think of uptown; Ten05, Briggs, Post Gateway & Uptown, Camden Cotton Mills, Catalyst, Vue. With Gateway West and Element coming online soon, is there the need?

 

The Vue has a studio for $1475 a month ($2.0/SF) with a three bedroom going for $4,735 per month.  Those are the prices that you own a home or condo in Charlotte, not rent a space. While the space in the Vue is larger and you're paying less per square foot, that number only matters to a developer who is trying to make their proforma work.  Consumers think about their total cost per month as it relates to a budget. 

 

For comparison, Catalyst Apartments are $1,200 ($3.18/sf) per month.  Very small gaps in rent, but the owner of the Vue really can't afford to go any lower.

Edited February 12, 2014 by dcharlotte

[CLTProductions]

Yeah I always figured the Vue's biggest problem was they price themselves out of their own market. That building is such a bust, that owner has got to be hurting.

[Dale]

Will Charlotte will saddled with the dubious distinction being the only city where a Skyhouse bombs ?

[15895]

Will Charlotte will saddled with the dubious distinction being the only city where a Skyhouse bombs ?

No offense but I hate skyhouse. Rather have other projects instead.I hate the name, I hate the fact it's the same designs, I hate that fact there are dozens even as close as Raleigh... It's just tacky IMO. Obviously talking about skyhouse and not the speculation of other buildings etc

[HopHead]

I think people are reading in to this WAY too much. First off, they moved dirt on this project before they were even supposed to. Which is a big no-no. That's why it stopped before it really got started. Second, there have been various reports from informed people on this board they the scope of this project is likely expanding to include additional building(s) and/or more units. That would likely slow this down. And finally, uptown could more than absorb this building because it's at a price point that would draw people. Not everyone can afford the $3k-$4k/month rents that the Vue is commanding for a lot of its units. I know plenty of people that have good paying jobs who are renters that would never consider spending that amount. It's Charlotte, not NYC or San Francisco. Vue's biggest problem is that it was meant to be a luxury condo during the boom of the mid-2000s. Even going rental meant it was going to only appeal to a select group of people. Personally, I'd rather buy a home than drop that kind of coin I'd never get back. I don't think the delay in Skyhouse has anything to do with the market as much as it does the politics and change in scope that has accompanied it. That being said, I'd rather see this generic building on hold if it meant some of the more promising and potentially not so cookie cutter projects started moving dirt. 

[nonillogical]

The building might be somewhat generic by residential high-rise standards, but I am all for it due to the location and inclusion of lots of retail. It's a good site plan and its a decent enough aesthetic.